ACAMS Dubai is seeking permission to launch a local chapter in Dubai. . Efra?n Venezuela, ACAMS' director of education and programmes development spoke to Paul McNamara
The Association of Certified Anti-Money Laundering Specialists (ACAMS) is initiating the legal processes required locally to become operational in the UAE and begin to take on new members. Their May 25th launch stirred up a great deal of interest among anti-money laundering professionals in both the UAE and in the region. The Executive Board of the Dubai Chapter, as local representatives of ACAMS, are responsible for first completing the incorporation processes and obtaining permission from authorities, as required by law. Once this is complete, it will be able to officially induct the prospective members. At this point it is difficult to estimate how long the legal processes will take. ACAMS say they have chosen Dubai as the location of its first Middle East chapter because it is a well-known regional financial and business center with state-of-the-art infrastructure.
ACAMS worldwide has nearly 2,800 members in 100 countries and is headquartered in Miami. Its mission is to improve the education and increase the qualifications and experience of professionals dedicated to the prevention and detection of money laundering and terrorist financing. It does this through web casts, seminars and handbooks, as well as its biweekly e-zine ACAMS Connection and bimonthly newsletter ACAMS Today.
Efrain is an educator by trade with a specialisation in e-learning.
How did ACAMS start in the first place?
ACAMS grew out of a need for professionals in anti-money laundering to have an organisation that would bring together knowledge and expertise and pool it. We would then provide a forum where people could learn and grow. We have only been around three years but already many people have realised that there is a real need for an international body that can support them in their anti-money laundering efforts.
You are here to help set up a chapter. Can you tell us what brought that on?
Back in July when we launched the chapter development programme it became clear that there were people here who wanted to keep in touch with AML issues globally but they also wanted a forum where they could discuss more local issues and get to know each other.
We responded to that back in November and launched a Canadian chapter and then a New York metropolitan chapter and then Monterrey in Mexico. Little by little we were asked to launch more and it became cleat that Dubai wanted to launch one also.
The May 25th launch of the ACAMS Dubai Chapter stirred up a great deal of interest among anti-money laundering professionals in both Dubai and in the region. Many have contacted the chapter to join. However, chapter officers must first complete the incorporation processes as required by local laws and procedures. Foe example they may need to seek legal assistance to follow tax regulations properly and obtain insurance policy and so on. Once this is complete, the chapter will be able to officially induct the prospective members.
Who will the members be here in Dubai?
There will be bankers but ACAMS is not just for bankers. We will have representation across the whole financial sector and also those who are not in the financial sector as well. The chapter belongs to the members. They will be responsible to having educational programmes here. We have advised the people here that we require a minimum of 25 active members and then we back them up.
You have also been in Bahrain for exams?
Yes. We provide the Certified AML Specialist Credential. It is very unique and has grown in value since we launched it. In Bahrain back in February they asked us to have an exam seminar and also an exam there. We had about 36 people attend.
The same thing happened here in Dubai we had an exam back in December. We expected 18 people to turn up and 44 made it. This gives you some idea of the growth in awareness of becoming certified in this area.
The BMA has advised all the banks in Bahrain that by 2006 they will expect them to have as a minimum the ACAMS credential.
Is that typical across the globe?
Yes. We see it more and more now as professionals become more aware of what having the credential means. This shows potential employers that they are serious candidates.
Are you modeling yourself on the accountancy certification model?
The exam was put together by professionals from across a wide range of areas across the world. Experts in their field. The exam was put together using psychometrics by applied measurement professionals in Kansas and so on.
Who typically takes the exam?
People from banks and the insurance industry, people who work in money remittances and so on. But the majority is banks for obvious reasons. More and more we are getting attention from the non-financial sector.
Does the certification process grow organically?
Yes. That is one of the key elements of what we do. The way that criminal launder money changes all the time so we need to make sure that we keen current and that is why having so many experts as part of the process is vital. They constantly feed new information in.
Is a Dubai chapter enough - or are you looking also at Bahrain and so on?
Absolutely. We will have other chapters across the region and we are working on that now.
© Banker Middle East 2005
